Check out our new Timeline feature to give you the latest updates on all the stocks you follow. Clickhere to set up your Timeline.

Less Ads, More Data, More Tools Register for FREE
Sponsored Content
Don't want ads? Click here
Sponsored Content
Don't want ads? Click here

Pin to quick picksEuropa Oil & Gas Share News (EOG)

Share Price Information for Europa Oil & Gas (EOG)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 0.775
Bid: 0.70
Ask: 0.85
Change: 0.00 (0.00%)
Spread: 0.15 (21.429%)
Open: 0.775
High: 0.775
Low: 0.775
Prev. Close: 0.775
EOG Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Timelines are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Europa Oil Operations Should Become Profitable Once Wressle Produces

Mon, 03rd Oct 2016 08:43

LONDON (Alliance News) - Europa Oil & Gas (Holdings) PLC on Monday said its operations became unprofitable in its most recently completed financial year but said a lower level of exploration write-offs still allowed a narrower loss to be recorded.

Europa said revenue in the year to the end of July amounted to USD1.3 million with total cost of sales coming in a fraction higher compared to the previous year when revenue totalled GBP2.2 million with cost of sales of GBP1.9 million.

Exploration write-offs, however, dropped to GBP1.2 million from GBP2.2 million, and the company avoided booking any impairments in the period, whereas last year they amounted to GBP1.1 million.

The write-offs this year were made against the exploration on Bearn des Gaves, onshore in France, whereas last year the write-offs were against exploration on PEDL181, with the impairment linked to the West Firsby field, onshore in East Midlands, England.

That meant the gross loss for the recent 12-month period came in at GBP1.2 million compared to the loss of GBP3.0 million the year before. Administrative costs fell to GBP593,000 from GBP975,000.

Overall, the results led to a pretax loss for the year of GBP1.9 million, narrowed from the GBP4.1 million loss reported in the corresponding period a year earlier.

"In the face of difficult market conditions for the oil and gas sector, we have delivered a strong performance. We have reduced costs by one third, our UK production is set to double, we are preparing to drill a high-impact well onshore UK at Holmwood, we have delivered three deals, landed seven new licences in the UK and Ireland and perhaps most importantly built a leading position in Atlantic Ireland," said Chief Executive High Mackay.

"We will continue to mature our Irish portfolio with the intention of delivering half a dozen drill-ready prospects - any one of which has the potential to be a company maker for Europa," Mackay added.

Production from Europa's onshore fields in the UK averaged 123 barrels of oil equivalent each day in the financial year compared to 141 barrels per day in the prior year. That resulted in a net cash outflow for the year of GBP300,000, the same as the previous year, but its new Wressle discovery, when producing, should return the company to positive cashflow.

"If Wressle were to produce at the expected initial flowrate of 500 barrels of oil per day gross, even at today's sub USD50 per barrel oil price, Europa will return to a positive operating cashflow," said the company.

Net cash at the end of July stood at GBP1.7 million compared to the balance of GBP3.2 million one year ago.

"In the UK, with Wressle moving from discovery to producer, we are poised to see an increase in production, revenue and cashflow, which should coincide with work preparing for the exploration well at Holmwood," Europa added.

Holmwood, subject to a positive planning decision being made by authorities, should be drilled "in 2017".

Numerous London-listed oil and gas firms won new licenses onshore the UK under the latest licensing round, and Europa was awarded three new licenses, one of which was subsequently rejected by the company. It also secured five new licensing options offshore Ireland during the financial year, which alone are thought to contain 2.1 billion barrels of oil equivalent and 1.5 trillion cubic feet of gas in gross mean unrisked prospective and indicative resources.

Europa shares were trading flat on Monday morning at 4.75 pence per share.

By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance

Copyright 2016 Alliance News Limited. All Rights Reserved. 

More News
11 Feb 2025 11:44

IN BRIEF: Europa Oil & Gas names largest shareholder as new chair

Europa Oil & Gas Holdings PLC - UK and Ireland-focused oil and gas exploration, development and production company - Names largest shareholder Bo Kroll as non-executive chair, replacing Brian O'Cathain who is stepping down after seven years. Kroll increased his holding to 6.0% in July.

Read more
18 Dec 2024 09:49

Europa Oil terminates royalty agreement for Whisby 4 well

(Sharecast News) - Europa Oil & Gas, an exploration and production company with assets in the UK, West Africa and Ireland, announced the termination of its royalty agreement for the Whisby 4 well with BritNRG, the field operator and licence holder, on Wednesday.

Read more
22 Nov 2024 11:35

UK shareholder meetings calendar - next 7 days

Read more
28 Oct 2024 14:34

Europa Oil shares dive as loss widens amid big exploration costs

(Alliance News) - Europa Oil & Gas Holdings PLC on Monday said 2025 will be an exciting period for the company as it reported a widened loss due to higher exploration costs.

Read more
28 Oct 2024 10:51

Europa Oil reports challenging financial performance

(Sharecast News) - Europa Oil & Gas reported a challenging financial performance for the year ended 31 July on Monday, as revenue declined 46% to £3.6m, reflecting reduced oil production, including a three-month shutdown at its Wressle site, and lower realised oil prices.

Read more
18 Oct 2024 10:30

Approval for more development of Lincolnshire oil field to be revoked

(Alliance News) - Europa Oil & Gas Holdings PLC and Union Jack Oil PLC said on Friday they expect planning consent for further development of the Wressle field in Lincolnshire to be quashed, following a legal challenge to their application.

Read more
13 Sep 2024 12:49

IN BRIEF: Europa Oil & Gas opts not to extend Serenity licence

Europa Oil & Gas Holdings PLC - UK and Ireland-focused oil and gas exploration, development and production company - Says that it does not intend to apply to the North Sea Transition Authority for an extension to the Serenity licence, which is due to expire on September 30 of this year. As a result, the incurred costs associated the licence that Europa Oil & Gas has capitalised on its balance sheet will be written off.

Read more
13 Sep 2024 11:23

Europa Oil opts not to extend Serenity licence

(Sharecast News) - Europa Oil & Gas, an company focussed on oil and gas exploration, development, and production in the UK, Ireland and West Africa, announced on Friday that it would not apply for an extension of the Serenity licence, P2358.

Read more
3 May 2024 20:29

IN BRIEF: Europa Oil & Gas withdraws from UK offshore licensing round

Europa Oil & Gas (Holdings) PLC - UK and Ireland-focused oil and gas exploration, development and production company - Updates on the company's application for a licence as part of the 33rd UK Offshore Licensing Round that closed in January. Says the North Sea Transition Authority proposes a marriage between Europa and another party for the Licence. But, Europa decides not to accept the proposed marriage and also notifies the NSTA that, if the NSTA subsequently decide to award the Licence, in its entirety to the company as the sole owner, Europa would decline the offer. Europa explains that since its original application various aspects of the operating conditions and the fiscal environment have changed and remain uncertain. This reduces the economic and strategic attractiveness of the licence. As such, Europa believes that its resources are better deployed on its existing assets and looking for new opportunities within its core areas of focus.

Read more
3 May 2024 08:39

Europa Oil to decline any North Sea licence offer

(Sharecast News) - Europa Oil & Gas said in an update on Friday that it received communication from the North Sea Transition Authority (NSTA) regarding its application for a licence as part of the 33rd UK Offshore Licensing Round.

Read more
22 Apr 2024 20:03

EARNINGS AND TRADING: Zenova's Kitemark award; Carnival's eyes savings

(Alliance News) - The following is a round-up of earnings and trading updates by London-listed companies, issued on Friday and Monday and not separately reported by Alliance News:

Read more
17 Apr 2024 12:21

IN BRIEF: Europa Oil loss lower; eyes opportunity in Equatorial Guinea

Europa Oil & Gas Holdings PLC - UK and Ireland-focused oil and gas exploration, development and production company - Pretax loss narrows 20% to GBP1.0 million in the six months to GBP1.0 million from GBP1.3 million a year prior. Revenue dives to GBP1.4 million from GBP3.7 million, which it says was due to the three-month shut-in period at Wressle in the East Midlands. Total cost of sales decrease 28% to GBP1.6 million from GBP2.2 million. Notably, reports no exploration write off cost, compared to GBP1.7 million a year prior. Looking ahead, Chief Executive Officer Will Holland says: "As we have alluded to in the past, we are always looking for additional geographies where we can reallocate our inhouse expertise. Such an opportunity arose in Equatorial Guinea towards the end of last year, where we are investing in a very high-quality licence with three drill-ready and potentially transformational prospects."

Read more
14 Feb 2024 12:40

Europa Oil & Gas confirms extension to Cloughton licence

(Sharecast News) - Europa Oil & Gas announced a significant extension to its PEDL 343 licence on Wednesday, housing the Cloughton gas discovery in the East Midlands.

Read more
14 Feb 2024 11:55

Europa Oil & Gas gets extension to PEDL 343 gas licence from UK NSTA

(Alliance News) - Europa Oil & Gas Holdings PLC on Wednesday announced an extension to its PEDL 343 licence in the East Midlands of England, which contains the Cloughton gas discovery.

Read more
29 Jan 2024 10:27

IN BRIEF: Europa Oil hails phase extension for flagship Irish licence

Europa Oil & Gas Holdings PLC - UK and Ireland-focused oil and gas exploration, development, and production company - Says that Phase One of FEL 4/19, its licence in the Slyne basin, has been extended following approval from the Irish Government's Department of the Environment, Climate & Communications.

Read more

Free Investment Tools

Register for FREE

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.